绿色融资：加速绿色转型

Green Financing:Accelerating the Green Transition Introduction: Intensifying efforts toprotect the environment are drivingdemand for green financing3 What is green financing?4 Adoption of Green Financing11 Challenges facing the developmentof the market for green financing19 Benefits accruing to the bankingsector from green financing23 KrungsriResearch view: Anopportunity for the financial sectorto drive the development of thegreen economy25 References27 Unlessexplicitlystatedotherwise,thispublicationandallmaterialthereinisunder the copyright ofKrungsriResearch. As such, the reuse, reproduction, oralteration of this text or any part thereof is absolutely prohibited without priorwrittenconsent.Thisreportdrawsonawiderangeofwell-establishedandtrustworthysources,butKrungsriResearchcanmakenoguaranteeoftheabsolute veracity of the material cited. Moreover,KrungsriResearch will not beheld responsible for any losses that may occur either directly or indirectly fromany use towhich this reportorthe datacontained therein maybe put.Theinformation,opinions,andjudgementsexpressedinthisreportarethoseofKrungsriResearch, but this publication does not necessarily reflect the opinionsof Bank ofAyudhyaPublic Company Limited or of any other companies withinthe same commercial group. This report is an accurate reflection of the thinkingand opinions ofKrungsriResearch as of the day of publication, but we reservethe right to change those opinions without prior notice. For research subscription, contactkrungsri.research@krungsri.com Introduction: Intensifying efforts to protect theenvironment are driving demand for greenfinancing Nathanon Ratanathamwat Senior Analystnathanon.ratanathamwat@krungsri.com Parinya Mingsakul Analystparinya.mingsakul@krungsri.com+662 296 2980 Dr. Pimnara Hirankasi Head of Research Division and Chief Economistpimnara.hirankasi@krungsri.com At the global level, the broadening and intensifying range of problems facing the environment is reaching apitch that can no longer be ignored, while at the national level, Thailand was ranked the country 9thmostseriously affected by long-term climate impacts over 2000 to 2019.1/The severity of the current situation wasonly underscored by the UN Secretary General’s recent comments that “the era of global boiling has arrived”,and it is now clear that without rapid action, humanity faces the near-term threat of rapidly escalatingenvironmental crises. Against this background, businesses and other stakeholders across society are in the process of establishing andworking towards global and national targets that are focused on adaptation and mitigation, including mostobviously those that address net zero emissions and carbon neutrality. However, achieving the goals andtackling environmental problems requires a significant amount of funding. Given this and its role channelinginvestment flows towards environmentally responsible economic activities, the finance sector has a central roleto play as a facilitator of the green transition, and in particular, green financing has the potential to makeinvesting in projects or promoting economic activities that reduce environmental impacts or that remediateenvironmental damage both simpler and more attractive. Rising Global Temperatures and Annual Total Natural Disasters What is green financing? Sustainable finance and green finance Following the move by the UN to define the 17 Sustainable Development Goals (SDGs) and then to usethese to guide global development over 2015 to 2030, issues around sustainability have come to occupy acentral place in framing organizational and national planning around the world. The SDGs cover a widerange of goals in the areas of the economy, society, and the environment, and so sustainable financing hasbecome an important tool helping to direct investment funds to activities that yield positive benefits forsociety and the environment. In practice, many sectors often choose to start with the allocation of fundsfor environmental purposes (Green financing) as a first step. Purposes of Different Types of Sustainable Financing Why is green financing important? According to the United Nations EnvironmentProgramme(UNEP), green financing exists “to increase thelevel of financial flows (from banking, micro-credit, insurance and investment) from the public, private andnot-for-profit sectors to sustainable development priorities. A key part of this is to better manageenvironmental and social risks, take up opportunities that bring both a decent rate of return andenvironmental benefit and deliver greater accountability.” Green financing thus refers to the process of raising capital or sourcing funds through a variety offinancial instruments for use in projects or activities that generate environmental benefits, and so greenfinancing helps to bridge the gap between the sometimes contradictory imperatives of environmentalismand capitalism. Green financing is to increase level of financial flows (f